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Vo2 Cap Holding (VO2) Fair Value & Analysis

Financial Services · SE · Market cap 125M SEK

VC Vo2 Cap Holding VO2 · ST
Pricekr 1.93
Fair Valuekr 3.22
Upside+66.8%
Quality48/100
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Weak Growth
Loss-making · -2.9% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 27/100
Evidence: High Range kr 2.41 – kr 4.02 Share as image

Fair value as of: Jul 13, 2026

From 11 valuation models · updated 28 days ago

Share price −5.9% over the past month.

Below-average quality, screening 67% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 2.41). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

kr 60.88 kr 1.53 Fair Value kr 3.22 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range kr 1.53 – kr 60.88 · fair‑value band kr 2.41 – kr 4.02 · the kr 1.93 price screens below the kr 3.22 fair value. Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Vo2 Cap Holding (VO2) currently trades at kr 1.93, while our model-based Fair Value estimate is kr 3.22, implying the stock looks roughly 66.8% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Vo2 Cap Holding generated revenue of 315M SEK at a net margin of -2.9%. Revenue grew 0.7% year over year. It earns a return on equity of 5.7%. Net debt stands at 9.8M SEK. Fundamentals as of Jul 13, 2026

Our scenario range runs from kr 2.41 (bear case) to kr 4.02 (bull case); at kr 1.93, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 67%, VO2 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF kr 4.60 kr 7.29 kr 11.49 80
Residual Income kr 2.17 kr 2.16 kr 1.94 76
Rev-Margin DCF kr 3.47 kr 5.47 kr 9.71 74
All 11 models by family
DCF Models
Owner Earnings kr 10.76 kr 20.91 kr 38.63 31
5Y P/E Exit kr 3.81 kr 7.41 kr 12.19 38
10Y P/E Exit kr 4.20 kr 7.79 kr 13.37 35
Earnings-Based
Graham-Dodd kr 1.29 kr 8.97 kr 12.59 54
Lynch FV kr 4.64 kr 6.62 kr 8.61 50
Multiples
P/E Multiple kr 2.98 kr 3.97 kr 4.97 63
P/B Multiple kr 2.41 kr 3.22 kr 4.02 55
Asset-Based
NCAV (Graham) kr 1.52 kr 2.04 kr 3.05 50
Growth DCF
Growth DCF kr 4.60 kr 7.29 kr 11.49 80
Rev-Margin DCF kr 3.47 kr 5.47 kr 9.71 74
Economic Profit
Residual Income kr 2.17 kr 2.16 kr 1.94 76

Widest divergence: DCF Models (kr 7.79) versus Asset-Based (kr 2.04). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 315M SEK
Revenue growth (YoY) +0.7%
Net margin -2.9%
Return on equity 5.7%
Free cash flow 24.0M SEK FY2025
P/E ratio 10.8
More key figures
Operating margin -2.0%
EPS (TTM) kr 0.1900
EPS growth (YoY) +285%
Net debt 9.8M SEK FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 49 · Market factors (momentum, volatility) 19

Profitability 35
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 15
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Vo2 Cap Holding AB (publ), together with its subsidiaries, invests in media, marketing, and technology companies in Europe. It operates through three segments: Display, DOOH, and AdTech. The company acquires, refines, expands, and divests companies.

Full company description

Vo2 Cap Holding AB (publ), together with its subsidiaries, invests in media, marketing, and technology companies in Europe. It operates through three segments: Display, DOOH, and AdTech. The company acquires, refines, expands, and divests companies. It also engages in the sale of advertising space on websites and other online channels, as well as digital screens and physical locations outside the home; and operation of a platform where publishers can sell digital content and ad impressions in real-time auction. The company is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vo2 Cap Holding reported revenue of kr 312M in FY2025 versus kr 292M in FY2021, a compound +1.6%/yr. Reported net income was kr 11.5M in FY2025.

Growth Quality 33/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
312M SEK
Latest YoY
−13.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−12.6%
Avg. growth/yr (8Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+52.8%
Revenue +1.6%/yr
FY21 kr 292M
FY22 kr 467M
FY23 kr 345M
FY24 kr 359M
FY25 kr 312M
Net income
FY21 −kr 10.7M
FY22 kr 13.2M
FY23 kr 5.6M
FY24 −kr 52.1M
FY25 kr 11.5M

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Cite: Fair Value Calculator (2026). "Vo2 Cap Holding Fair Value". https://www.fairvalue-calculator.com/stock/VO2

Peer Group

Asset Management · 971 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Bottom 25%
Fair Value upside +67% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 2% · Below median
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) -2% · Bottom 25%
Revenue growth 1% · Below median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 10.8× · Cheaper than median
P/B 0.07× · Cheaper than 75% of peers
P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 4 · sector 6
PAST 23 · sector 26
HEALTH 98 · sector 95
DIVIDEND 0 · sector 69

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is Vo2 Cap Holding (VO2) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of kr 3.22 versus a price of kr 1.93, about +67% (undervalued).
What is the fair value of VO2?
Our model-based fair value for Vo2 Cap Holding is kr 3.22 (as of Jul 13, 2026), built from audited fundamentals. The current price is kr 1.93.
What is the quality score of VO2?
Vo2 Cap Holding has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Vo2 Cap Holding (VO2)?
Vo2 Cap Holding reported trailing-twelve-month revenue of about 315M SEK (latest available figure, as of Jul 13, 2026).
What is the net profit margin of VO2?
The net profit margin of Vo2 Cap Holding is about -2.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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